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    <td>Home</td>
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    <td width="308">Overview</td>
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    <td colspan="3">Performance (net of fees)</td>
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        <td height="321" valign="top"><p class="navigation_main_item_open">Home</p>
          <p class="navigation_main_item_link"><a href="aam_overview.html" class="navigation_main_item_link">Altima Asset Management</a></p>
          <p class="navigation_main_item_link"><a href="tcf_strategy.html" target="_self" class="navigation_main_item_link">Tera Capital Fund</a><br />
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    </table><p class="style24"><img src="images/WFHedgeFunds11.gif" width="150" height="150" alt=" World Finance" longdesc="images/WFHedgeFunds11.gif" /> <br>Most Innovative Fund<br>of Funds in the World</p></td>
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World Finance (<a href="http://www.worldfinance.com/" target="_blank">www.worldfinance.com</a>) announced it awarded Tera Capital Fund one of the world&lsquo;s most coveted awards: the Most Innovative Fund of Funds in 2010. The award is based on two primary criteria: <strong>innovation</strong> and <strong>performance</strong>. A video of the award given at the London Stock Exchange and interview with Mr. Enneking, one of Tera&lsquo;s founders, can be seen here: <a href="http://www.worldfinance.tv/#/investment/enneking-2011" target="_blank">http://www.worldfinance.tv/#/investment/enneking-2011</a>. The award follows hard on the heels of Tera finishing 2010 as the number 2 ranked fund of funds in world by Eurekahedge (out of 2,512 FoFs) with performance of almost 25% -- outperforming every Russian stock market index and over 80% of Russian funds.
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        	  <br/>
Tera Capital Fund was launched by Altima Asset Management in April 2005 as a fund of funds focused primarily on Russia. It was the first and remains the only fund of funds in the world with this specific geographic focus. It is also singular in that Altima Asset Management, the investment management company that manages Tera, charges no fees other than a success fee. Tera is the only fund managed by Altima.
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        	<p class="text">Altima Asset Management maintains the largest and most comprehensive data base of Russian-focused and Russian-based funds in the world, with over 900: more than Bloomberg, Morningstar, Eurekahedge or any other rating or tracking organization. This allows Tera to select the absolute best and most professional funds and maximize returns while minimizing risk. <br/>
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        	<p class="text">Tera was ranked <strong>number 2</strong> among 2,512 funds of funds worldwide in terms of performance for <strong>2010.</strong> For <strong>2009</strong>, Tera was ranked <strong>number 8</strong> in the world in terms of annual performance; for 2005, Tera was ranked <strong>number 1</strong> in the world. Tera is also a finalist for the award as the &quot;<strong>Most Innovative Fund of Funds in Europe</strong>&quot; for July 2009-June 2010 period by Hedge Funds Review.
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        	  <br/>
        	  Prior to the recent economic crisis, Altima guided Tera to net returns to investors exceeding 35% annually since inception. Even during the crisis  at no time did early Tera investors lose any money -- even on paper. Tera has proven to be a particularly strong defensive investment, while providing excellent returns. While Russian equity markets fell back to levels last reached almost 6 years ago and US equity markets fell back to levels reached more than 12 years ago, Tera gave up approximately 3.5 years of gains -- and has already recovered most of that.
        	  <br/>
        	  <br/>
        	  Including the crisis and since inception, Tera has returned almost 18% annually to its shareholders. At no time during the crisis did early investors in Tera lose any money, even on paper.
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        	  <br/>
Eurekahedge has included Tera in its &ldquo;Top 10&rdquo; tables for monthly performance, performance year-to-date, annualized performance since its inception over 80 times. <br/>
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            <td width="200"><div align="center"><strong>Returns</strong></div></td>
            <td width="50" ><div align="center"><strong>Tera<br/>(%)</strong></div></td>
            <td width="50" ><div align="center"><strong>RTS<br/>MICEX ROL<br/>Avg</strong></div></td>
            <td width="50" ><div align="center"><strong>AAM<br/>Index<br/>(%)</strong></div></td>
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            <td>May 2011</td>
            <td><div align="right" class="style31">(4.25)</div></td>
            <td><div align="right" class="style31">(7.62)</div></td>
            <td><div align="right" class="style31">(5.19)</div></td>
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            <td>YTD</td>
            <td><div align="right" class="style32">1.48</div></td>
            <td><div align="right" class="style32">6.76</div></td>
            <td><div align="right" class="style32">0.62</div></td>
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            <td>Since Fund Inception (Apr 05)</td>
            <td><div align="right" class="style32">112.84</div></td>
            <td><div align="right" class="style32">108.41</div></td>
            <td><div align="right" class="style32">107.77</div></td>
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            <td>Annualized Monthly Return </td>
            <td><div align="right" class="style32">16.76</div></td>
            <td><div align="right" class="style32">16.33</div></td>
            <td><div align="right" class="style32">13.21</div></td>
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            <td>Annualized Standard Deviation</td>
            <td><div align="right" class="style32">23.74</div></td>
            <td><div align="right" class="style32">37.91</div></td>
            <td><div align="right" class="style32">30.95</div></td>
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            <td>Sharpe Ratio, last 12 m</td>
            <td><div align="right" class="style32">1.90</div></td>
            <td><div align="right" class="style32">1.37</div></td>
            <td><div align="right" class="style32">1.28</div></td>
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            <td>Sharpe Ratio since inception</td>
            <td><div align="right" class="style32">0.56</div></td>
            <td><div align="right" class="style32">0.44</div></td>
            <td><div align="right" class="style32">0.35</div></td>
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      <tr><td align="left" class="text"><a href="http://www.worldfinance.tv/#/investment/enneking-2011">World Finance award and interview with Mr. Enneking</a><br/><br/><a href="http://www.youtube.com/watch?v=nq0BFTsiIR4">Tim Enneking on investing in Russia today</a></td>
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      <tr><td align="left"><br/><a href="data/Enneking Wall Street Transcript interview 12-06-10, with cover page.pdf" target="_blank" class="text">Wall Street Transcript interview of Mr. Enneking</a></td></tr>
      <tr><td align="left"><br/><a href="news_events_events.html#october2010presention" target="_self" class="text">October 2010 presentation by Mr. Enneking to the US Chartered Financial Advisors Society</a></td></tr>
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    <td align="center" valign="top" bgcolor="#FFFFFF" class="green_block"><div align="left">Sector Breakdown</div></td>
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    <td align="center" valign="top" bgcolor="#FFFFFF" class="green_block"><div align="left">Fund Monthly Growth</div></td>
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    <td colspan="5" align="center" valign="top" bgcolor="#FFFFFF" class="green_block"><div align="left">Tera Capital Fund Summary</div></td>
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            <td height="22" class="text"><ul>
              <li>                Cayman Islands registered fund of funds focused on Russia and the Commonwealth of Independent States (CIS)</li>
              <li>                Managed by an American and a Russian senior investment professional, each having more than 15 years experience in target markets</li>
              <li>Annualized rate of return of over 35% during first three years after inception, more than 16% including the crisis</li>
              <li>Sharpe Ratio of Fund significantly exceeds that of any relevant stock market index and major Russian funds</li>
              <li> The only funds in the world charging no management fee and paying no expenses</li>
              <li>Consistently ranked among the top funds of funds in the world by Eurekahedge</li>
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            <td class="disclaimer"><p><br />
              Shares or interests in these funds should only be purchased by persons with professional experience of participating in unregulated, illiquid, risk oriented and potentially leveraged investments and any other person who receives these documents should not rely upon them. Securities described herein are not registered with any regulatory authority. Receipt of these documents is not an offer to purchase or sell securities. Solicitations are made only pursuant to a Private Placement Memorandum.<br />
                <br />
              Documents related to these investments contain information derived from information published by or on behalf of the investment funds concerned and is believed to be reliable. Most recent performance figures are estimates and therefore indicative, unaudited and are subject to change.<br />
  <br />
              The value of investments may fall as well as rise and past performance should not be viewed a guides to future performance.<br />
              Investment in unregulated funds carries the risk of total loss of capital.<br />
  <br />
              Prospective investors should inform themselves as to the legal requirements within their own countries for the purchase of any security and to the applicable tax, exchange control, or other law or regulation applicable to them. It is the responsibility of any prospective investor to satisfy applicable laws and regulations of relevant jurisdiction, including obtaining any requisite governmental or other consent and observing any other formality prescribed in that jurisdiction. Any person requesting a Private Placement Memorandum regarding these securities will be deemed to be fully informed, and compliant with applicable regulation, and warrants that any subsequent subscription does not violate the laws or regulation of any relevant jurisdiction.</p>
              <p>&nbsp;</p>
              <p align="center"><span class="rights_reserved style30">All rights reserved. &copy; 2010, Altima Asset Management.</span></p></td>
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